Ethiopian Airlines stated (16-Aug-2012) it has secured USD1 billion of financing from J P Morgan for its 10 Boeing 787-8s. The US Export-Import Bank (Ex-Im Bank) provided export credit agency support via guaranteed loans that cover 85% of the total cost of the aircraft. The balance will be financed by a group of financial institutions including ING Capital, the Emerging Africa Infrastructure Fund (EAIF), The Netherlands Development Finance Company (FMO) and the ICF Debt Pool (ICF), as well as from internal cash resources of the carrier. Ethiopian received its first 787 on 14-Aug-2012. The airline will take delivery of five 787s before the end of the fiscal year, as well as three 737-800s and five Q400s. [more - original PR]
Ethiopian Airlines acquisition of 10 787s principally financed by JP Morgan
You may also be interested in the following articles...
Ethiopian Airlines expands in West Africa with 737-800s at Togo affiliate ASKY & Lome-Newark service
Ethiopian Airlines is building up its West African operation, through expansion at the Togo-based affiliate ASKY and new long haul services from Lome to New York and São Paulo. ASKY is adding capacity to several of its 19 destinations as it takes delivery of two 737-800s, which will be the largest aircraft in its fleet.
ASKY took delivery of its first 737-800 in early Jun-2016, giving it a fleet of eight aircraft including three 737-700s and four Bombardier Dash 8 Q400s. ASKY plans to take delivery of a second 737-800 by the end of 2016, which will be used to replace one of its Dash 8 Q400s, driving a further increase in capacity.
Ethiopian resumed services from Lome to São Paulo in May-2016 and plans to launch services from Lome to Newark in early Jul-2016. ASKY is playing a critical feeder role for both long haul routes and its expansion also enables it to increase its share of the intra-West Africa market.
Mauritius Pt 2: Air Mauritius faces intensifying competition and challenges in developing a new hub
Air Mauritius has returned to profitability and is keen to pursue expansion in support of an ambitious hub strategy by its government shareholder. The airline turned an EUR18 million operating profit in the year ending Mar-2016 as passenger numbers grew by 9.4% - representing the fastest growth in five years.
Mauritius is geographically well positioned to attract sixth freedom traffic between Africa and Asia, a fast-growing market. However, competition is intensifying in the Africa-Asia market and in Mauritius, which could make it difficult for Air Mauritius to succeed at developing a new east-west hub while maintaining its new-found profitability.
This is the second part of an analysis report on Air Mauritius and the Mauritius market. The first report looked at Air Mauritius' expansion in Asia, and the need to bolster its network in continental Africa in order to secure more sixth freedom traffic between Asia and Africa. It also examined the impact of AirAsia X’s Oct-2016 launch of services to Mauritius. In this half of the report CAPA will look in more detail at the intensifying competition in the Mauritius market; how this may impact Air Mauritius’ new-found profitability and its ability to further develop an Africa-Asia hub.